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Oil prices rebound as some traders say slide is overdone
Published Dec 26, 2018 11:50AM ET
© Reuters. Oil prices rebound as some traders say slide is overdone
- Crude oil prices, caught up in the wider weakness of the financial markets, are staging a recovery today amid perceptions that the recent slide may have been overdone: WTI +6.1% to $45.11/bbl, Brent +4.8% to $52.91/bbl.
- WTI crude plunged below $43/bbl on Monday for the first time since June 2017 and has slid more than 40% since early October.
- "There is a little bit of over-extension to the downside linked to global market fears," says Petromatrix analyst Olivier Jakob. "It's all about equities."
- While economic worries have weighed, the oil outlook is not as weak as in 2016 when a supply glut built up because OPEC this time is trying to prop up the market, Jakob says.
- Recent selling in oil "has felt less fundamentally driven and more a function of the overall market meltdown as increased equity volatility and growing macro concerns have weighed on a number of asset classes," according to analysts at Tudor Pickering & Holt.
- Among today's oil and gas movers: XOM +0.5%, CVX +1.2%, RDS.A, +1.2%, BP +1.1%, COP +2.6%, APC +2.4%, NBL +2.6%, HES +2.9%, MRO +4.5%, MPC +3.2%, VLO +2.2%, PSX +2.9%, APA +1.4%, DVN +1.8%, PXD +2.8%, CXO +2.3%, EOG +1.8%, CLR +2.1%, CHK +14.2%, SWN +3.7%, RRC +1.7%, EQT +2.7%, OXY +2.2%, KMI +2.3%, EPD +1.9%, ET +5.3%.
- ETFs: USO, XLE, OIL, UWT, UCO, VDE, XOP, DWT, ERX, OIH, SCO, BNO, DBO, ERY, DIG, BGR, GUSH, DTO, FENY, USL, IYE, DUG, DRIP, IEO, FIF, DNO, NDP, PXE, OLO, RYE, PXJ, SZO
- Now read: The Next Energy Leg
Original article
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